4 Things To Buy After Trump’s Inauguration in January
Written by
Nicholas Morine
Edited by
Cory Dudak
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Former President Donald Trump is set to retake his place as commander-in-chief during his inauguration on Jan. 20.
As the transfer of power into the Trump administration’s hands takes effect, what items, investments, or services might be wise to buy in the immediate aftermath?
Crypto, Specifically Bitcoin and Other Notable Altcoins
Trump has been painted as being bullish on cryptocurrency, with CNN pointing out the crypto business monetarily backed his campaign on a broad basis — and that the incoming president himself had publicly stated his intentions for the U.S. to become the “crypto capital of the world.”
Likely to launch crypto-friendly policy, particularly with a suite of allies including Tesla CEO Elon Musk, a longtime proponent of crypto, Trump himself also holds $15 million in his crypto portfolio, according to Blockchain Magazine.
Trump is shown to have stakes in Bitcoin, Ripple and Ethereum by the outlet. Logic follows that if Trump is willing to hold stakes himself, and invite several key stakeholders in the crypto space into positions of power, his take on crypto writ large will be friendly. Buying sooner, rather than later, allows you to take advantage of the full growth potential of your principal, should profit materialize.
American-Made Products, Secondhand Goods
If Trump does follow through on his promise to enact a flat 25% tariff on goods coming from Canada and Mexico (and up to 100% on BRICS member nations should they pursue a strategy of devaluation of the U.S. dollar via the creation of an alternative), per The Guardian, the costs could be at least somewhat shouldered by the American consumer.
Given that China has also been targeted for increased tariffs by the president-elect, it follows that if Trump’s tariff plan does find footing, most consumer goods will increase in price. That’s the position taken by many economists critical of the plan, according to a Forbes analysis of Wall Street Journal data.
If so, making sure to buy American-made products can help mitigate the potential price inflation tariffs could instigate. However, given that many products made in the U.S. still rely on Chinese materials, or at least materials from another nation, costs may still seep into supply chains without significant rerouting.
Saving money by buying secondhand goods may be a wise financial move.
Groceries (Fresh and Otherwise)
There are dual forces at play in recommending that Americans stock up on pantry staples, as well as fresh meat and produce, as the changing of the guard takes place in Washington, D.C.
Should Trump make good on his promise to escalate the deportation of undocumented or illegal immigrants, those who participate in the labor force will leave significant gaps — initially or otherwise. As the Visual Capitalist suggested, undocumented workers comprise about 12.7% of the entire agricultural workforce nationwide. The loss of these workers would also certainly demand replacement, often at higher wages.
Further, the aforementioned tariffs are likely to have substantial impacts on the sourcing of meats, fruits, vegetables and grains, as well as regarding the energy needs necessary to transport, store and prepare these food items.
Picking up a load of groceries soon after Trump takes office could save you quite a few dollars. Initial price shocks are unlikely to be substantial, particularly given a wary U.S. consumer and persistent inflation remaining on the table — but anything is possible.
Construction Work and Materials
The situation for construction companies could be even more distressed than the agricultural sector should mass deportations be kicked off in the wake of Trump’s inauguration.
According to Visual Capitalist, 1.5 million construction workers, or 13.7% of the entire sector workforce in the U.S., can be classified as undocumented immigrants. Filling these jobs may take even longer than agricultural sector workers.
Further, the ongoing softwood labor dispute continues to remain a contentious issue. As of August 2024, the federal government nearly doubled its tariff on Canadian softwood lumber products (from 8.05% to 14.54%), per the National Association of Home Builders. Should Trump enact further tariffs on a macro level, affordability for building materials could be even more problematic, leading to price hikes the whole way down the supply chain.
It would be prudent to begin planning and purchasing the services and materials needed for any new builds or renovations now, or as Trump takes office. Waiting too long could leave you exposed to rising costs as time passes.
Editor’s note on political coverage: GOBankingRates is nonpartisan and strives to cover all aspects of the economy objectively and present balanced reports on politically focused finance stories. You can find more coverage of this topic on GOBankingRates.com.
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